That goes to the buyer who also has an insurable interest in the property, not only from the sale contract, but as a residence (remeber that loss arising from temp living expenses is part of a homeowner's policy as well as other "homeowner" risks of loss).

Not only will this help the lender with your DTI initially without having to refigure and run you back through underwriting, it will also eliminate any issues that arise when your down payment isn't seasoned at least 60 days.

If you fail in any of these obligations, you are liable for the consequences which arise in result.

They could be potentially liable for the debts arising post filing and not even know it.The reality is there is little incentive for the bank to do a short sale after bankruptcy.

But his mind set is he wants to just keep all the rent and put it away in his pocket WITHOUT putting any money away for expenses and just to pay for them when they arise.

So many unforeseen issues can arise when digging into a rehab project.

Make sure you have a solid team in place to handle all problems that will arise with long distance investing.

Appreciation in a rising market makes more money than cash flow typically.

But luckily I kept learning more about REI and it helped me big time.I suggest your start out by studying as much as you can about REI so you can build the confidence to find and contract good deals, then build a HUGE savings so you have a cushion to fall on if trouble arises, then get into wholesaling real estate as your first step to get your feet wet with little risk.Good luck to ya!!

Since my roots are in Connecticut I don't mind venturing out there as well if the right opportunity arises.